On January 25, 2016, ExxonMobil released its The Outlook for Energy: A View to 2040, providing a long-range forecast on global energy supply and demand. The outlook examines energy supply and demand trends for approximately 100 countries, 15 demand sectors and 20 different energy types. As you might have guessed, the report confirms that fracking is a key part of American energy security. Not only that, but global energy demand is increasing, and U.S.-produced oil and natural gas can help meet that demand. Here are 11 of the most mind-blowing facts from the report.
1. Since 2010, U.S. crude oil production has increased by 75% – thanks to horizontal drilling and fracking!
2. Based on current demand, the world’s recoverable natural gas resources will last over 200 years!
3. This is also good news for the environment. Natural gas emits up to 60% less CO2 than coal when used for generating electricity.
4. The U.S. eliminated around 1 billion metric tons of CO2 emissions between 2005 and 2013 by using natural gas for electricity.
5. In 2012, the CO2 intensity of electricity in the U.S. fell below that of Germany – as the U.S. took advantage of abundant natural gas enabled by horizontal drilling and fracking.
6. The U.S. has among the highest electricity demand per capita of any country, but developing countries will drive future electricity demand. China alone will use one-fourth of the world’s electricity by 2040.
7. Global demand for natural gas is expected to rise 50% by 2040.
8. Natural gas is expected to meet 40% of the growth in global energy demand from 2014 to 2040.
9. Natural gas usage in trucking is expected to increase almost 300% worldwide by 2040.
10. The number of cars on the road is also projected to rise 80% globally by 2040 – that’s a lot of tanks to fill!
11. The number of households worldwide is expected to increase by almost 40%, and energy demand will increase nearly 25% by 2040.
Translation: We will need to pursue all economic energy sources to meet demand, so let’s keep fracking!